What will the impact of Brexit be on Recruitment and the Finance Sector?

2 Oct 2018

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General

Everyone is talking about Brexit. Whether you voted for it or not, we are now all in the same situation. We’re waiting to see what happens next.

People are asking if Brexit will have an impact on the recruitment sector. They are asking if Brexit will have an impact on the finance industry. I don’t think the question is if it will have an impact, the question is how much of an impact it will have. We just don’t have a clear idea of this at the moment.

No industry or sector will be left out, all of them will feel the effects of Brexit somehow. The finance sector is very service orientated and so the knock on effects of Brexit will be felt sharply.

We have clients in hospitality businesses and we already know that this is a sector that will be shaken up by any changes made to immigration. Where there is an impact on staffing and delivery of services, this will filter through to financial services in the same industries and, by extension, to recruitment.

At the moment the situation is almost worse. Clients that we speak to aren’t talking about whether there will be an impact from Brexit, they are talking about what it will be and how they can make changes now to help them to come out of it on top. The uncertainty of not knowing how to plan for Brexit feels to many as if it is worse than the impact Brexit might ultimately have.

Where there are no clear plans, businesses are beginning to make their own plans, expanding offices in other European cities and thinking about how to ensure there is minimum disruption to their business. Even local business are making decisions now with Brexit in mind.

Whatever happens we know there will be changes, but trying to plan for changes we know nothing about is becoming increasingly tough.